 tokenization in the creator economy. Now obviously for someone who hasn't heard of NFTs or Web3 or the entire, this new culture, which has really taken over the world in the last one and a half to two years, this would be, this would really sound like Greek or Latin to you. So that's why in the beginning I would just request all the speakers just for 60 seconds to explain what the topic really means to them and about NFTs in a bit. Also we have a very civil discussion over here taking place, not like what you see on the TV news debates with the anchors foaming and frothing and throwing water at each other. That's the good part, I'd also like to note if I pronounce anybody's name wrong or say anything, nothing to feel bad about because today is the one year anniversary of the Oscars and we knew what happened last year with Will Smith. On that note, if you could start off to the extreme left, do you have a mic there? Okay. Can you hear me? This is fine. Yeah, I can hear you. If you can just start off with how really have NFTs helped artists and what are NFTs for the ones who don't know what it means? I want to expand the idea of creators a little bit and the idea of creating something that is unique and of value and a creator is something who creates something unique and of value and a creator can be an artist, a musician and a creative artist and we're familiar with that. We're also familiar with the idea of content creators on social media and the fact that they don't own any of their content, the platform owns their content, they cannot monetize their content directly, they become influencers, but they don't have any control or ability to create monetization on it. And I want to expand it to idea creators, designers, handloom weavers, sustainability warriors, our previous speaker, spoke about a lot of innovation in her work, but we don't value any of those innovations as IP in the true sense or give the creator an ability to monetize it impactfully. And I think that's where the blockchain technology comes in and that's where the idea of creating a different model, a different business model, a different ownership model and a different way to use all of this platform in a decentralized world and really make the creator the king. So first, I think let's understand from a very basic perspective, NFTs are not an artwork. So let's get the clarity done here. NFTs are a tool, it's a cryptographic tool that records the creation and ownership of an asset. That could be an artwork. So there are a lot of noise in the ecosystem that understanding and digital art in general existed much earlier than the technology of non-fungible tokens in general. I think it has opened a global ministry market for the digital artist and digital art era in general for the people who never fall in the category of fine art. Now with the ownership that becomes a property and the property as a concept is something that you can control and own and also exclude others to not use and control it. Once you make any asset class a property that becomes a tradable asset in general in nature. So that's what it has opened the wider space global ministry market to buy and sell these asset classes especially for the digital artist in general. So I would say it's something that has given them an identity, the ownership, the provenance and of course a lot of ways to earn money with their asset, with their art. Right, just one minute. If we could have a round of applause because both the first two speakers have stuck to the 60 second time limit which I gave them. So thank you. Moving on. Yeah, hi everyone. So for me like NFT basically represents the ownership. So we compare to like traditional ways where the artists like they are making all those amazing arts and then they have to put in somewhere art galleries. Like it takes a lot of time, you know. And when we compare these things in the web three we have like platforms like OpenSea Blur where if you are creating an amazing NFT you just put it over there and like from all over the world and anyone can access it, anyone can buy it. So first NFT reduces the time and the second one is truly represents the ownership. For example, so imagine a web two social network and a web three social network where you don't have any ownership. In web two social network you don't have any ownership. Let's say you have 100K followers on Twitter but because Twitter is centralized there is no way if let's say they block your account either you have to fight with them or either you have to go in the court. But in the web three if you have a social network and your identity is basically a decentralized. So there is no one that can ban your account and that identity is in the form of an NFT, you know. So even let's say someone ban your account you can move to a different client that built on same blockchain and you can access all your like digital identity all your ownership from that account. Yeah, so first of all I think it was a great points of our set and what I want to add is for me is basically about securing the ownership as was said. So let's just see like a simple example. Suppose you go on Google and you like a picture you downloaded and so you basically own it in your computer, right? But there's definitely not an NFT, right? That's why I like the point about NFT being not only a digital art because what is digital art? Something that you own on your computer or in internet but also technology that ensures that you're the owner. That this art will be tokenized in your wallet that nobody can ever own it except for you. So I believe that this part also allows for monetization as was said before and basically for you to claim your ownership and when we talk about utilities, right? How you can use it later. This is the part when you can prove, okay, it's my NFT. That's why we were talking about NFT tokenization. Thank you. So as everyone was talking about ownership, for me specifically, what I think is Web3 overall provides entrepreneurs or content creators to experiment with new types of business model. When we see the traditional models, there have been only two types of models. One is the SAS and the other one is the advertisement model. But when you come into tokenization, it opens up new avenues for the creators, for the entrepreneurs to come up with different models wherein the community is a part of your business and then you grow together. And that's where I think with Web3, it will open up a lot of new kinds of business models and a new avenues for the creators, for the audience as well. Okay. I'd like to delve into one aspect of it, right? Now obviously when you're talking about NFTs, we're talking about digital assets and all of that stuff. If we say that NFTs have helped artists, like I was seeing this discussion thread on Reddit or something and there was this whole discussion going on where one side was saying that NFTs have only helped digital artists. While the other part was saying that no NFTs have also helped artists, right? So now I want each of you to weigh in with your views what you think about that, whether it's the digital artists only who are being held or only the artists. And also after that the kind of reactions so many of you get when you tell people that you're into NFTs. Because for someone who hasn't read about it, it's like a UFO term which is being thrown at them. So yeah, now that the introductions have been done and everybody stuck to the 60 seconds, it's a free for all. Please go ahead. So when you say the NFTs have helped the digital artist or the traditional artist, we can say. There have been a lot of new artists coming up who have been developing their art in a traditional method and then connecting it with the NFT and making it a digital kind of stuff and eliminating the auction houses or something like that. So for the authentication purposes, that's where they have been benefiting. For the digital artist, it has been altogether a new area or new avenues that have been opened up. Previously, digital artists weren't able to monetize on their digital art as they can do now, as much as they can do now. They weren't able to monetize before. As much as they can. To a certain extent, they could, but now it's much more. Now it's much more. Now it's their entire thing. They can sell it to the artist and directly to their fans and that's where I think the traditional and digital kind of draws a line. I would say let's not mix these two things here. So digital art is something else and in real life, whatever we have in real asset is something else. Consider NFTs as a title deed. Just a title deed, something that can give you undisputed ownership of anything. Can we approve peace of a real estate? Can we a piece of a multimillion dollar painting? So I'll tell you the use case of it in our case especially what we're building. So what we're doing is we are making the investment in the million dollar and above paintings which was not possible before and there were a lot of barriers in the ecosystem of fine art in general to fractionalize the piece of art into 1000 pieces, let's say and gives each individual a share of the painting where they can buy the share of the painting. If you know that art has outperformed S&Ps 500 also and all the traditional investment module that we have at this point in time in the world. So when you want to access this particular asset class you want to make people accessible for them to buy for 5000 rupees and buy a MF Hussain painting. But how do you define the ownership of these 1000 people? You want to tell them, okay, you have an apartment, you have this piece of art but you are an undisputed owner of this particular piece of this particular coordinate that you own and that comes with NFTs. So to define the ownership of that particular coordinate and fraction, you give them an ownership token that you can see NFTs and when you do that, NFTs has this characteristic of being tradable and shareable and having liquidity on secondary marketplace to go and sell your asset anytime you want. So I would say it's a tool to use for anything you want to use. You can use it for the bus certificate, you can use it for anything you want that you want proof of ownership on chain that is a tamper proof technology that we have a blockchain. So if you buy an NFT, you actually are buying a control over a smart contract and a smart contract is something that is registry, the proof of ownership on blockchain. And blockchain in general is a tamper proof technology where you cannot tamper it. So it is there always. So that I would like to call it this way. Yeah, I think it's also interesting to differ between NFTs and art in this case that can help artists because as we said, right? If you want to sell your art as a digital artist, this is like an perfect and probably only way to guarantee someone else property ownership of this art. But also we can say about NFTs, about technology, what it can give. In this case, let's talk about real artists like who build like paintings or whatever. And in this case, using NFTs, they can increase their utility of this painting. They can add utility. They can say that by buying this painting, not only will you receive it and you can put it on the wall, but for example, a digital certificate and NFT will represent access to a club or will represent some, you know, an autograph of me that you can later sell in marketplace. So I think that in this case, NFT gives a lot of opportunities for both digital and usual artists to utilize technology behind it in their way. I also really like the part about secondary markets because for example, if you buy a painting and then you want to sell it, how can you verify that actually, you know, who is the previous owner? Who is the current owner? Who is the next owner? Is NFT, you buy NFT and then the transaction history become like in the cloud. So you can easily verify to the next buyer that this is a legitimate piece. This is not like a scam or this is not a copy. This is a regional piece produced by this artist and I'm selling it now. So I believe it opens a whole new potential for secondary sales, unlike for, you know, just the usual piece of art. I'm gonna hold on to one thing which you said. You mentioned scam. You mentioned scam. Okay, now I'm not saying this because we are in India and controversy sales and all that stuff, but when crypto is concerned, NFTs is concerned, Web3 is concerned, you know, with regards to the recent crypto crash and all of that stuff, this is something which comes up in a lot of discussions that what is all this? Is this just a bubble which is going to burst? So he looks very enthused to answer this question. So let's start with him. When you say crypto, I think tokenization and NFTs. And should we get all these things in one? Do people make a mistake by getting them all in one umbrella? Like crypto, NFT, subcheese, for a umbrella. Exactly. So that's where I think we are missing the point. Whenever someone says Web3 of your blockchain, the first thing that comes into mind is crypto and then it alerts the scams, scams, scams, all that thing. So when we see NFT or the tokenization as a technology and when we build on that, when we build use cases on technology, it's fairly very different from what we are talking about crypto trading and the scams. So using the NFTs or the tokens on the technology front, that's where the utility or the use cases comes into picture and that's where the actual ecosystem can be built. Not on the front of the value proposition or something like that. I'm going to answer your previous question. And from the creator standpoint, what's the opportunity for the creator? The two interesting implementations that we did. One visit South Indian playback singer, Karthik. He's been in the industry for a long time. He's been a playback singer in eight languages. He's had a lot of success. His goal with entering the space through a Metaverse concert and launching his original compositions as NFTs was to establish himself as a creator, a composer of music. And he was able to do that in a meaningful way through this original launch. And there was also a secondary market created for commercial use, which we did on the marketplace. But more importantly, our more newer implementation is with a Kanchipuram weaver. He is a very well-decorated, you know, is awarded by the government of India. And he has over 1,000 original Kanchipuram sari designs. But the fact of the matter is that it's still treated as a commodity, not an asset, his designs. Which means that the moment he sells it to a commercial entity, recreation, multiple use, plagiarism of design, across different patterns, is very, very easy to do and he has no control over it. So the idea that we are creating with him is to create his B2B commercial licensing through an NFT, which also limits the use for the other entity in terms of the quantum of use and the quality of use. So the ability for a creator to use this platform in a meaningful way is as varied as we would like it to be. And this is just the beginning. You've given a very grassroots sort of an example right now with the Kanchipuram, right? Yes, absolutely, because... Because right now the discussion has only been limited to, you know, let's say some very famous artist or somebody whose video or asset is going viral or maybe like a cricketer who's selling their NFT assets and all. So I think this is something which, when this comes into the mainstream and this is understood, then the acceptance into NFTs will probably be much more. Because we consider the creator model as a community and creator model. Unless you have a community, you can't sell effectively. But that's just one view. The other view is it's looking at what is created as IP, an asset, not as a commodity, which means it cannot be commoditized. It should be treated as an asset and every view, every use has value. So the moment you shift the lens, the ability to monetize, the ability to transact with it changes significantly. Because I cannot use the innovation of Tesla without their permission or without paying them something. It's clear to everybody in the room, but that guy's designs are not so much. The permission aspect of it is something which I'm going to go into right now. And we have eight minutes left before Koi Bazar Dabade or Meriko Boldev. We have eight minutes left and we shall wrap up all the points in that. You mentioned permission, et cetera. Now this is again for anybody who wants to start off with this, licensing, copywriting, patenting of digital assets. Is there a difference between the three? Because in a lot of drawing room discussions, it's used in the same line. Like it's the same thing. And is it something which will take time to get established or it's very simply with the introduction of these digital assets and NFTs, it's something which is already taken care of. We don't have to worry about it. I'll take that first. So when it comes to copyright, there is no enforcement element of copyright. Enforcement comes only through financial transactions. If you cannot control the financials, there is no enforcement to a legality. When it comes to licensing, that's on the financial side, but it involves a lot of jumping through hoops. It's time consuming, it's paperwork, it takes time and resources. I'll give you a quick example. I know we are short on time. Think about the 2611 Mumbai terror attack. The one image that comes to mind is the terrorist Qasim in the train station, yielding a gun. If you do a quick search right now on your phones for that image, you'll see thousands of images pop up with different media agencies, news agencies, digital platforms, everybody owning that picture online. Sorry to interrupt, but exclusive and super exclusive are two phrases which have been spoiled by the media industry. If you look at TV channels, please continue. But there is a creator. There was one single person, a journalist, who took that picture, but was he or she monetized for each and every repeat use of that image? Probably not, most likely not. And I think I have fair insight from this to say definitely not, which means that every person, every media agency, every digital platform whose raked views and monetization on top of this image has plagiarized this. And now we have AI tools on top of the free content, creating another level of monetization on somebody else's intellectual property. So that's the system and the landscape that we live in. But if you change the rules for this, and if you say that this image has verifiable elements that make it distinct, unique, and now it has been created by this person and every time it is used across the world, this person should. So there are a lot of companies for the NFTs in licensing, copywriting, and the distribution as well. So there are a lot of companies globally as well that are doing, distributing their licenses for the music through NFTs. And when you have that particular thing, there is also one use case wherein you cannot listen to these songs unless you have the NFTs. So it's like a record kind of stuff, 90s kind. If you have the disc only then you can listen to stuff. So in that particular thing, again, that becomes licensing. You are licensed to listen only if you have the NFTs. When we talk about distribution, you are licensed to publish this particular song onto your channel or something like that. If you have an NFT which has a different set or which has a different attributes towards it, and that can be used as a copyright distribution or as you mentioned, that giving away the copyright or the ownership of that particular music to the user or to the second level person or the distributor or something like that. So that's where the perfect fit for your question is, where the actual differentiation has been happening in the music industries via NFTs. And I also like this example because I think it's reflected how we can use NFTs as actually a tool to secure an actual property of other things. So not only we talk about IP and NFT space but about music industry or let's talk about the photo industry now. So you have a picture. Now imagine that to pause this picture in your social media, you only can do it if you have this NFT certificate of ownership for this NFT. I think it's have a really good potential of racializing the industry as a whole, which content you can use, which you cannot use, how you cannot pay the creators because I feel there is a lot of, you know, unknown things when the picture got used by many people, when the music got reused and people don't get the renumeration which they're supposed to have. And I believe NFTs have a really great use case for this.